Ambac Rocky Balboa oder chapter 11

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http://www.reuters.com/article/2011/03/15/mortgages-litigation-idUSN1412086020110315?feedType=RSS&feedName=marketsNews&rpc=43

Fight over mortgage-backed bonds taking a new turn

 

* Battle could cost banks up to $200 billion

* More lawsuits expected

By Tom Hals

WILMINGTON, Del., March 15 (Reuters) - U.S. banks may be turning on one another in the legal battle over losses on mortgage-backed bonds.

Big pension funds and other investors are demanding compensation from banks that sold them supposedly low-risk mortgage-backed bonds that disintegrated in the housing crisis, a fight that ultimately could cost Wall Street $100 billion or more.

One big legal obstacle for investors has been getting documents they say will prove those bonds were anything but low-risk. Demands for documents have to come from the trustees who administer the bonds, and until recently trustees have stayed out of the legal fray.

That may be changing. A recent Delaware lawsuit illustrates the increased aggressiveness of trustees in helping investors make their case. An attorney for one trustee, Wells Fargo & Co (WFC.N), spent a year pursuing documents from EMC Mortgage Corp, a unit of JPMorgan Chase & Co (JPM.N).

Court documents show EMC, which JPMorgan inherited as part of its shotgun acquisition of Bear Stearns in 2008, faces several other requests from trustees, including Citigroup Inc (C.N).

he lawsuit is among the first of its kind by a trustee, partly because investors have only recently organized themselves in large enough numbers to force trustees to consider their demands.

Trustees "understand investors are standing up on their hind legs and saying, 'Go sue someone,'" said Chris Whalen of Institutional Risk Analytics, which analyzes risks facing banks.

The legal battle is complex, in part because the trustees themselves are often from big Wall Street banks, such as Wells Fargo, Citigroup and Deutsche Bank (DBKGn.DE), which also sold mortgage-backed bonds that went bad.

"They are certainly more aggressive for loan documents," David Grais, an attorney for investors, said about trustees.

Mortgage bonds were at the heart of the financial crisis. Banks and mortgage companies such as Countrywide assembled the bonds from pools of thousands of home loans, often "subprime" mortgages with high rates of default. The loans were placed in trusts, which in turn issued bonds, some portions of which were given top-quality ratings.

If investors can get documents such as credit reports, details on borrowers' reported income and home appraisals, they expect to prove that banks breached their own guidelines for writing mortgages.

Having proactive trustees "significantly increases" the likelihood that investors will succeed in forcing banks to buy back soured loans, said Chris Gamaitoni, an analyst with Compass Point Trading & Research LLC

In a report last August, he estimated combined losses by banks such as Bank of America Corp (BAC.N) and Morgan Stanley (MS.N) could top $200 billion in a worst-case scenario.

Critics have suggested trustees knew of loan problems but did little about them. Trustees are quick to point out they they are not fiduciaries like board members, and the often feel caught in the middle.

Citi Agency & Trust director Jennifer Cupo told the American Securitization Forum last month, "We're really just a conduit, and people need to understand that our hands are tied as well."

But trustees are finding it hard to ignore evidence that has begun to spill out of related lawsuits and investigations.

For example, internal emails disclosed in a New York state lawsuit appear to show Bear Stearns managers knew that more than half of the loans held in some EMC bonds did not meet stated underwriting guidelines.

Rather than replace the dud loans, the lawsuit alleges that a Bear Stearns manager brags about "shorting," or betting against, the stock of the financial institutions likely to be hurt if EMC bonds cratered.

Better organized bondholders will likely force more trustees to work on their behalf, according to observers following the legal maneuvering.

Generally, investors must form a group representing at least 25 percent of the holders of a particular bond before they can make a demand on a trustee. Talcott Franklin, a Texas attorney, says he has rounded up enough bondholders to meet that threshold on more than 2,000 bonds.

Those better organized bondholders are also turning to the courts. One group of bondholders represented by Grais recently sued a trustee, Bank of New York Mellon (BK.N), for refusing to comply with the group's requests.

To date there have not been many of these so-called "putback" lawsuits, but that is expected to change.

"If you measure it in terms of cases filed, we're probably in the second inning," said Grais, "because I think there will be a lot more cases filed this year."  (Additional reporting by Al Yoon in New York; editing by John Wallace)

 

Da kann Japan nichts dran ändern.
Im übrigen sagt man das steigende Kurse das Ergebnis vor weg nehmen und man soll dabei achten weil die meistens dann abstürzen wenn die Zahlen veröffentlich werden.
Lass die Zahlen kommen und gut ist. Ich achte mehr darauf was sich mit der IRS ergibt.

Wenn jetzt im zweite Jahr nach der Finanzkrise ein positives Ergebnis ausgewiesen wird, kann man darüber spekulieren wie AMBAC damit aus CH11 kommen könnte. Ein schlechtes Ergebnis wäre fatal. Wir wissen ja schon das AAC gut Geld verdient hat.

ist ja fast auf TH. Allerdings war das Handelsvolumen schon sehr dürftig. Lassen wir uns einfach überraschen

Sep 30, 2010

Jun 30, 2010

Dec 31, 2009

Sep 30, 2009

(1,872,111)

(2,077,105)

(2,287,785)

(2,828,444)

Das ist das Minus vor der Sanierung das auf die Firma drückte. Man sieht schön wie alle letzten 3 Quartale ein Betrag von 205 Millionen verdient wurde. September 09 war die Ausnahme mit 600 Millionen Gewinn.

Durch die Sanierung ergibt sich durch eine neue Anleihe alleine ein Plus von 2 Milliarden. Rechne wir diese Summe auf Sep 30, 2010 ist ABK mit ca. 130 Millionen im Plus. Sollte ABK weiterhin ca. 200 Mio pro Quartal verdient haben, dann wäre ABK mit 330 Millionen im Plus. Das Plus fällt aber auf die AAC zurück. Nun gab es aber einen Vergleich mit LVM und die Problematik mit der IRS drückt noch gewaltig auf den Schuh.

Ich bin auf das morgige Ergebnis gespant. Ohne IRS wäre es ein TouchDown.

was bedeutet das man bei einer Einigung mit der IRS diese bezahlen könnte. LVM hat ja auch etwas gekostet gehabt, dies muss man mit einbeziehen. Die Einnahmen aus den 3 Monaten aber auch.

Enterprise Value (Mar 15, 2011)3: 18.32B

Unternehmenswert oder Enterprise Value (auch Entity Value, Firm Value oder Aggregate Value) bezeichnet im Rahmen einer Unternehmensbewertung den geschätzten, bzw. errechneten Wert eines Unternehmens unabhängig von seiner Finanzierung.

Der Unternehmenswert lässt sich aufgrund der Bilanzidentität auf zweifache Weise verstehen:

Unternehmenswert = Anlagevermögen + Nettoumlaufvermögen = Eigenkapital + Nettofinanzverbindlichkeiten
Zu der Bestimmung des Unternehmenswert kommen jeweils geschätzte, bzw. errechnete Marktwerte (und nicht Buchwerte) in Verwendung. Bei börsennotierten Unternehmen ist dieser relativ leicht von der aktiven (linken) Seite der Bilanz abzuleiten: Der Unternehmenswert ist hier die Summe aus Marktkapitalisierung plus Nettofinanzverbindlichkeiten (Schulden minus vorhandene liquide Mittel).

denn die zahlen kommen?

Hi,

damit ausländische Börsen (also uch D) keinen Handelsvorsprung erhalten, dürften die Ambac Zahlen heute unmittelbar vor Öffnung der US-Börsen veröffentlich werden , also kurz vor 14.30 Uhr.

MfG

MBIA knapp 14 Mrd. AMBAC gute 18 Mrd.

March 16 (Reuters) - Ambac Financial Group Inc    :

* Announces fourth quarter 2010 results

* Auto Alert - Q4 loss per share $0.27

* Says net loss and loss expenses incurred amounted to $141.5 million for the

current quarter

* Says net premiums earned for the fourth quarter of 2010 were $110.7 million

* Net change in fair value of credit derivatives was positive $15.7 million in

the current quarter

* Says net investment income for the fourth quarter of 2010 was $67.6 million

* Says total assets decreased during Q4 2010, from $31.3 billion at September

30, 2010 to $29.0 billion at December 31, 2010

* Aac's consolidated claims-paying resources amounts to approximately $8.0

billion as of December 31, 2010

* As of December 31, 2010, aac reported statutory capital and surplus of

approximately $1,027 million

* As of December 31, 2010, aac reported statutory capital and surplus of

approximately $1,027 million

((Auto Alerts are automatically generated headlines. Please help us in our effort to make this service as accurate as possible. If you ever notice a machine-generated error, contact our headlines team at blr.newsroom@reuters.com))

((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))

ich werde nicht ganz schlau daraus, ob wir jetzt 1027 im plus sind oder 141 im minus?????

also Verlust

GJ10 damit defizit abgebaut von -2,1 10 jetzt nur noch -1.354.

Sanierungsanleihe von 2 Mrd nicht mit ein berechnet, wie ich sehe.

 

Das Ergenbis war $0.27 per share Verlust aber viel viel wichtiger ist die Problematik mit IRS!

Wenn das Ergennis possitive gewesen wäre, wäre es auch ein Zock!

Ausserdem im 2010 ist das Kapital vom  $912 million$ zu 1,027 million erhöht.

und hat fast 8,0 millarden claim resource.

As of December 31, 2010, AAC reported statutory capital and surplus of        approximately $1,027 million, up from $912 million as of September 30,        2010. AAC's statutory financial statements include the results of AAC's        general account and the Segregated Account (formed on March 24, 2010).        Statutory capital and surplus was impacted by approximately $209 million        in statutory net income recorded during the fourth quarter 2010.

AAC's consolidated claims-paying resources amounts to approximately $8.0        billion as of December 31, 2010. This includes Ambac UK's claims-paying        resources of approximately $0.9 billion.

 

www.world-of-stocks.com/rt_data/abk

danke, wie würdest du in dem fall das ganz beuteilen, eher pos. oder eher neg.?

danke, wie würdest du in dem fall das ganz beuteilen, eher pos. oder eher neg.?

Einige Punkten sind negative aber Anderen sind eher wiederum  possitive.

Ich wiederhole nochmals, die Zukunft des Ambac liegt mit der Einigung von IRS.

------------------------------------------------

Ausserdem OCI liefert auch sehr gut Arbeit gegen die Klage von den korrupten Banken und Hedge fonds.

OCI's Motion to Consolidate Appeals

OCI's Proposed Form of Order Granting Consolidation

Es wurden Werte vernichtet / abgebaut.
Die Frage ist wo durch Neubewertung, Verkauf, ....?

Says total assets decreased during Q4 2010, from $31.3 billion at September 30, 2010 to $29.0 billion at December 31, 2010